Mill Creek Lands $83M to Build Second Rental in Coral Springs
By Julia Echikson September 22, 2023 12:18 pm
reprints
Mill Creek Residential scored an $82.8 million construction loan to add a second rental building in the Cornerstone at Downtown Coral Springs development in Coral Springs, Fla., property records show.
The financing from Fifth Third Bank will go toward the construction of an eight-story building, housing 361 apartments and 24,180 square feet of ground-floor retail as well as 768 parking spots.
Construction is expected to be completed by the summer of 2025. A representative for Mill Creek did not immediately respond to a request for comment.
In June, the Boca Raton-based developer paid $13 million for the nearly 3-acre site at 3310 N University Drive, located at the intersection of West Sample Road. Mill Creek recently completed the first phase of a multifamily, mixed-use building on an adjacent site. It features 351 apartments and 14,600 square feet of ground-floor retail space.
Mill Creek is a prolific multifamily developer in South Florida. This spring, it landed two construction loans totaling $212 million, for a mixed-use project near Nova Southeastern University and a rental near the Aventura Mall. The company has a portfolio that comprises 34,200 rental units nationwide, per the firm.
Julia Echikson can be reached at jechikson@commercialobserver.com.
